Nationwide Debit Exchange Rate

jaytee158

If I'm in America and I withdraw using this card I know
that I don't have to pay any fees but what exchange rate am I getting when I withdraw?

Would appreciate any help

Cheers

dzug1

jaytee158 wrote: »

If I'm in America and I withdraw using this card I know
that I don't have to pay any fees but what exchange rate am I getting when I withdraw?

Would appreciate any help

Cheers

You will be getting the rate set by Visa (near enough the wholesale rate) loaded by 0.84% - also by Visa

You MIGHT also be charged an ATM fee by the owner of the ATM - at one time none charged but it's becoming increasingly difficult to find ones that don't.

M4RKM

You will need to check the rate here daily then

http://www.corporate.visa.com/pd/consumer_services/consumer_ex_rates.jsp

also, you will have to pay any ATM fees that the ATM provider advertises.

luci

You are allowed to withdraw the equivalent of £300 per day (per person if it is a joint account).

The smallest ATM fee I have seen in the US is $1 per transaction and the highest $4.99 which is 0.2% or 1.02% which is vastly less than other cards.

jaytee158

Thanks alot for the info, probably just going to take dollars over there instead if everywhere charges, regardless of how much it is, it still hurts!

luci

Why buy dollars in the UK at tourist rates when you can get the Interbank rate using a FlexAccount card in the US?

At today's rates, you will get $1.58 in the UK and $1.63 in the US. That is 3.16% less and that hurts more.

dzug1

jaytee158 wrote: »

Thanks alot for the info, probably just going to take dollars over there instead if everywhere charges, regardless of how much it is, it still hurts!

????? Why shoot yourself in the foot? Getting $$ here can easily cost you 5% (doesn't have to but if you are not careful it will). Nationwide at 0.84% plus a small ATM fee adds up to nowhere near that. Just don't take out a few $$ at a time.

Mention the words charges or fees and people's sense goes out of the window. They'd pay anything to avoid them including higher fees or charges.

M4RKM

the smallest atm fee is $0 if you know where to look...

just because you haven't seen it, doesn't mean it doesn't exist... it does depend where you're going whether you'll get to a chase manhattan bank, but there are plenty around NYC, so at $0, fee to withdraw, you're sorted really..

M

M4RKM

Ok, Maths lesson.

You want £300 - currently you buy $$ at 1.58 gives you $474

or, you use the ATM that charges you $1, but gives you the visa rate, with only a 0.84% visa charge, making the rate $1.63, so $489, less a $ fee, that's $488

so can you now see why people are encouraging, regardless of the fact that there are charges involved, that getting $480 out of an atm is more than the $470 you'd have for the same £300.

if you spend £900 over the course of your holiday, that's $30 more money... for free!


M

luci

markymoo wrote: »

the smallest atm fee is $0 if you know where to look...

just because you haven't seen it, doesn't mean it doesn't exist... it does depend where you're going whether you'll get to a chase manhattan bank, but there are plenty around NYC, so at $0, fee to withdraw, you're sorted really..

M

I only state what I know, I didn't state that $0 doesn't exist. In my experience the lowest fee I've seen is $1 so that's what I said.

My experience is based on trips to Vegas where you would need a hire car to hunt down a bank which may have a $0 fee as there are none near the strip.

The OP hasn't said where in the US he is visiting.